MNI EUROPEAN MARKETS ANALYSIS: Fed Speak In Focus Later
- US news outlets have touted foreign policy hawks for some key Trump administration positions (Marco Rubio for Secretary of State and former veteran Republican Mike Waltz for National Security Adviser).
- The USD has mostly been on the front foot (outside of modest yen gains). USD/CNH continues to push higher. US Cash tsys have reopened after a three day break, with the curve bear-flattening.
- Australian consumer and business confidence rose but hasn't impacted local sentiment.
- Later the Fed’s Waller, Barkin, Kashkari and Harker speak and the Senior Loan Officer Survey is published. US October small business optimism and NY Fed 1-yr inflation expectations plus UK labour market data and euro area November ZEW print. ECB’s Cipollone and BoE’s Pill appear.
MARKETS
US TSYS: Tsys Futures Off Earlier Highs, Curve Ber-Flattens, Fed Speakers Later
- Tsys futures are off earlier session highs, although ranges remain narrow. TU is currently +00¾ at 102-22⅛, TY is +04+ is 110-01+. There has been little in the way of drivers through the session, USD continues to edge higher making new yearly highs as investors await remarks from Fed speaker tonight and inflation data due later in the week.
- Cash tsys have reopened after a three day break, with the curve bear-flattening, yields are -1bps to +4bps, with the 3yr yield underperforming. The 2yr is +3.2bps at 4.286%, while the 10yr is +1.8bps at 4.322%. The 2s10s continues to flatten is testing recent lows, at 4bps back at October 10 levels.
- The flattening move was supported earlier after a Block 2s10s flattener, DV01 $645k
- The market is no longer pricing in a full rate cut in December, projected rate cuts into early 2025 compared to early Monday levels (*): Dec'24 cumulative -16.3bp (-17.1bp), Jan'25 -24.3bp (-25.7bp), Mar'25 -37.6bp (-38.9bp), May'25 -45.0bp (-46.9bp).
- It is another slow session for US data, Fed speakers will be the focus with Waller, Barkin, Kashkari and Harker all speaking, while attention will turn to CPI on Wednesday.
POLITICAL RISK: Veteran Waltz Expected To Be Trump’s National Security Adviser
The names of people expected to take leadership positions in President-elect Trump’s second administration continue to make headlines. Today the Wall Street Journal reported that former veteran Republican Mike Waltz from Florida will be National Security Adviser, according to people familiar with talks. This is an important role as not only is Senate approval unrequired but also Trump has declared he’ll bring peace to Ukraine and the Middle East.
- Trump also wants to increase the US’ deterrence especially against the growing cooperation between Iran, Russia, North Korea and China.
- The National Security Adviser is responsible for coordinating between the major US security agencies and reporting to the President. It also includes implementing his policy agenda.
- Waltz served as a Green Beret in the Middle East, Africa and Afghanistan, according to the Wall Street Journal.
JGBS: Subdued Data-Light Session, PPI & 30Y Supply Tomorrow
JGB futures have pushed into negative territory, -6 compared to settlement levels.
- Outside of the previously outlined M2 & M3 Money Stock, there hasn't been much by way of domestic drivers to flag. Machine Tool Orders data is due soon.
- Cash US tsys are flat to 4bps cheaper in the Asia-Pac session today with a flattening bias. US tsys reopened today after being closed for the Veterans Day holiday yesterday.
- Fed futures are pricing 17bps of cuts at the December meeting with a cumulative 25.7bps of cuts priced in by the January meeting.
- Cash JGBs are little changed across benchmarks beyond the 1-year (+2bps).
- Swap rates are little changed as well.
- Tomorrow, the local calendar will see PPI data alongside 30-year supply.
AUSSIE BONDS: Slightly Mixed, Cash US Tsys Heavy, Q3 WPI Tomorrow
ACGBs (YM flat & XM +2.0) are slightly mixed after dealing in narrow ranges in today’s Sydney session.
- Outside of the previously outlined consumer and business confidence, there hasn't been much by way of domestic drivers to flag.
- Cash US tsys are flat to 4bps cheaper in the Asia-Pac session today with a flattening bias. US tsys reopened today after being closed for the Veterans Day holiday yesterday.
- Cash ACGBs are flat to 2bps richer after trading 1-2bps cheaper early. The AU-US 10-year yield differential is at +24bps.
- Swap rates are 2bps lower to 1bp higher, with a flatter 3s10s curve.
- The bills strip is slightly cheaper, with pricing flat to -2.
- RBA-dated OIS pricing is little changed across meetings. There is no easing priced by year-end. A 25bps rate cut is not fully priced until August.
- Tomorrow, the local calendar will see the Q3 Wage Price Index, ahead of the Employment Report for October on Thursday.
- This week, AOFM plans to sell A$800mn of the 2.50% 21 May 2030 bond tomorrow and A$700mn of the 4.75% 21 April 2027 bond on Friday.
- Today’s sale of A$150mn of the Nov-32 inflation-linked bond showed a cover ratio of 3.77x.
AUSTRALIA: Positive Core Inflation Gap Implies Too Early For Rate Cuts
With temporary state and federal government electricity rebates for households impacting headline inflation, the RBA has said that “underlying inflation is more indicative of inflation momentum”, even though officially its focus is headline as Governor Bullock reiterated before the Senate economics committee last week. Thus we have re-estimated our Australian OCR policy reaction function using quarterly trimmed mean CPI.
- We have also updated it for the revised RBA staff forecasts published in the November Statement of Monetary Policy. There were slight downward revisions to the trimmed mean CPI profile, while GDP growth was revised down.
- Our equation uses the trimmed mean inflation gap with the target band mid-point of 2.5% and the GDP output gap with a current trend growth estimate at around 2.25%. It is worth noting that econometric calculations are only estimates and not predictions.
- The equation with core inflation points to rates needing to stay roughly where they are to be consistent with economic fundamentals and their outlook. If anything it is implying another 25bp of tightening by end-2025 with around a 25% chance of a hike each quarter. In contrast market pricing has around 50bp of easing priced in by Q4 2025.
- The model is also “cautious” not signalling the need for any easing as there is a positive inflation gap until end-2026, when it closes but is still yet to turn negative. The equation is forward looking using the one quarter lead of the core inflation gap.
Australia OCR policy reaction function with trimmed mean CPI %
AUSTRALIA DATA: Consumer Sentiment Returns To Pre-Tightening Level
Westpac consumer confidence has seen a sharp improvement over the second half of the year but the US election result has added some uncertainty. November rose 5.3% m/m to 94.6 after 6.2%. It is now its highest since April 2022, the month before the RBA began to tighten, and up 18.3% y/y%. Rates have been unchanged for a year now and real incomes have begun to rise, which is likely supporting the sentiment recovery, but it remains below the historical average and the neutral 100-level.
- The survey week ended November 9 and so included the RBA decision (Tuesday) and US election result (Wednesday). Westpac observed that responses were materially higher at the start of the week than the end. The RBA announcement didn’t impact sentiment but there was a “sharp fall” following the US election outcome with it rebounding tentatively by week end.
- The significant range of responses added an “unusually high degree of uncertainty”. The key will be whether the US election impact is sustained or whether domestic factors drive sentiment again next month.
- Other details were positive with 35% planning to spend less on Christmas this year, closer to average, compared with 40% in 2022 and 2023. But the “time to buy a major household item” was little changed and remains well below neutral.
- Mortgage rate expectations fell 3.2% to the lowest level since August 2012. Around 52% expect mortgage rates to be “unchanged or lower” by November 2025 up from July’s 27%.
- There were significant rises in the forward looking outlooks for family finances and the economy.
- Consumers are feeling secure in their jobs with unemployment expectations down 7.2% to the lowest since April 2023. October labour market data print on Thursday.
- “Time to buy a dwelling” jumped 11.3% but was driven by Victoria where prices have underperformed. Overall house price expectations fell 2.1%.
Australia Westpac consumer confidence index
AUSTRALIA DATA: Tentative Signs Economy Stabilising, Price Pressures Moderate
NAB October business confidence rose to +5 from -2, the highest since January 2023. Conditions were stable at +7, slightly above the series average, signalling that the economy continues to grow. Unchanged RBA rates for a year appears to be helping sentiment stabilise with Westpac’s latest consumer confidence reading also rising, while NAB business prices and costs moderated further with some measures now below historical averages.
Australia NAB business survey
Source: MNI - Market News/Refintiv
- Price/cost increases over the 3-months to October continued to moderate with final product prices rising 0.5% down from 0.6%, lowest since February 2021, and purchase costs 0.9% after 1.3%, below average. Labour costs rose 1.4% after 1.9% (revised from 1.7%), still above average. Despite soft discretionary spending retail price rises remain robust at 1.1% 3m/3m up from 0.6%.
Australia NAB business price/cost measures 3m/3m %
- Trading, profitability and employment make up business conditions but were mixed. Trading rose 1 point to 13, profitability was stable at +5, while employment fell 2 points to +3, which is around the historical average. Capex eased 1 point to +8.
- In terms of the outlook, forward orders remain negative but improved 2 points to -3, the highest since March. Inventories continued trending higher up 4 points in October to +9 after a recent low of +2 in June. The key will be whether stock building is because of stronger demand or if it is involuntary.
- Exports and exporters’ sales rose to zero.
NZGBS: Closed Cheaper, H/H Spending Up Again
NZGBs closed 1-3bps cheaper across benchmarks, aligning with cash US tsys, which are also flat to 3bps cheaper in the Asia-Pac session today with a flattening bias. US tsys reopened today after being closed for the Veterans Day holiday yesterday.
- NZ retail card spending posted a third consecutive monthly rise in October up 0.6% m/m after 0.1%. Total spending rose 0.4% m/m after 0.3% and is now slightly positive on a year ago. The start of easing in August appears to have allowed households to begin to spend again.
- Westpac sees the October data as “encouraging” and that there should be further rises once past and future rate cuts are fully felt. Westpac observes that “most mortgages have not come up for refixing yet. In addition, further cuts from the RBNZ are expected over the coming months (we’re forecasting another 50bp cut at the upcoming November meeting).”
- Swap rates closed 1-3bps higher, with a flattening bias.
- RBNZ dated OIS pricing closed 3-8bps firmer across 2025 meetings. A cumulative 89bps of easing is priced by February, with 52bps by year-end.
- Tomorrow, the local calendar will see Net Migration data, ahead of REINZ House Sales and Food Prices on Thursday.
NEW ZEALAND: Retail Spending Appears To Have Turned
NZ retail card spending posted a third consecutive monthly rise in October up 0.6% m/m after 0.1%. Total spending rose 0.4% m/m after 0.3% and is now slightly positive on a year ago. The start of easing in August appears to have allowed households to begin to spend again. Another 50bp rate cut on November 27 is likely bringing the OCR to 4.25%.
- Retail spending posted its highest monthly increase since January with the annual rate improving to -2.4% from -3.6%. It was driven by hospitality (+2% m/m) but partially offset by lower spending on motor vehicles and fuel. Core retail spending also increased 0.6% m/m.
- Non-retail ex services expenditure fell 0.5% m/m, while services also fell 0.5%. These categories don’t just cover essential items but a lot are included, such as medical care and repairs.
NZ card spending y/y%
BONDS: NZ-US 10Y Differential Above Fair Value
NZGBs are 1-3bps cheaper across benchmarks, aligning with US cash Tsys, which are also 1-3bps cheaper in the Asia-Pacific session today with a flattening bias. US tsys reopened today after being closed for the Veterans Day holiday yesterday.
- The NZ–US yield spread is at +27bps, about 17bps above last week's post-election low of ~+10bps — the narrowest level since mid-2021.
- A simple regression analysis with the 3-month swap rate 1-year forward (1Y3M) spread over the past year suggests that the 10-year yield differential is 8bps wider than its fair value of +19bps.
- The regression error has ranged within +/- 20bps over the past year, indicating some variability in the relationship.
- The 1Y3M differential is a proxy for the expected relative policy path over the next 12 months.
Figure 1: NZ-US 10-Year Yield Differential
Source: MNI – Market News / Bloomberg
FOREX: USD Mostly Higher, A$ Weaker On Yuan Loss Spillover
The USD is tracking higher against all the major currencies, with the exception of the yen, as the first part of Tuesday trade unfolds. The BBDXY index was last near 1275.5, not too far off Monday intra-session highs (1276.43).
- AUD/USD is the weakest performer, last near 0.6555 and off close to 0.35%. Post election lows in the pair (0.6513) remain intact. Spill over from the break higher in USD/CNH, which is threatening a test of 7.2500, is weighing on the AUD.
- Earlier we had brief respite on BBG headlines that China is considering reducing property taxes to aid the sector, but the positive follow through provided short lived. At the break the CSI 300 is up modestly, the Shanghai Composite close to flat.
- Reports from the NYT and WSJ suggest foreign policy hawks could fill key Trump administration positions (Marco Rubio for Secretary of State and former veteran Republican Mike Waltz for National Security Adviser) is likely also in focus.
- US Tsy yields have resumed trading, with a curve flattening bias. The 2yr is up to 4.28%, +3bps, the 10yr sits off earlier highs, last near 4.32%. US equity futures are down slightly, while regional equity sentiment has seen some negative tech spill over.
- USD/JPY spiked above 154.00 earlier, but now sits back at 153.50/55, slightly firmer in yen terms for the session.
- Earlier data showed both consumer and business confidence in Australia rising, but the market impact was negligible. NZ spending data pointed to some improvement in consumer spending trends.
- Looking ahead, the Fed’s Waller, Barkin, Kashkari and Harker speak and the Senior Loan Officer Survey is published. US October small business optimism and NY Fed 1-yr inflation expectations plus UK labour market data and euro area November ZEW print. ECB’s Cipollone and BoE’s Pill appear.
ASIA STOCKS: Asian Equities Mostly Lower As Semiconductors Struggle
Asian equities are mostly lower today. Japanese equities have given back session gains to now trade mixed with tech stocks underperforming. Hong Kong listed equities have seen a sharp drop due to concerns about domestic macroeconomic conditions and rising geopolitical tensions, headlines out earlier supporting the China property market have done little to push equities higher. Asian tech stocks are the worst performing today, with the large-cap semiconductor stocks leading the losses. US Tsys yields rose, driving funds into the dollar and pressuring emerging Asian currencies, with the Thai baht and Indonesian rupiah weakening.
- Asia tech is struggling, tracking moves made overnight in the Philadelphia SE Semiconductor Index. Investors are now looking to key earnings reports from Tencent and Alibaba to gauge the impact of business streamlining efforts, and whether consumer spending will recover with potential Beijing stimulus.
- China mainland equities are outperforming Hong Kong listed equities, with the CSI 300 +0.40%, while the HSI is -1.75%, HSTech Index is -2.50%.
- Japanese equities are off earlier highs, with the TOPIX now just 0.10% higher for the day, Recruit Holdings surged 8.20% in early morning trading following better-than-expected operating profit for 2Q however most of those gains have now been erased and trades just 2.5% higher. The Nikkei has erased earlier gains and now trades down 0.70%, with Tokyo Electron (-3.20%) struggling.
- South Korea’s Kospi is trading 1.30% lower, marking a third straight session of losses, driven by foreign and local fund selling, while retail investors stepped in to buy. Taiwan's TAIEX is trading 1.70% lower, largely due to a 2.30% drop from TSMC following a 2.54% fall in the Philadelphia SE Semiconductor Index overnight.
- Australia's ASX 200 is 0.2% lower, primarily impacted by declines in gold miners as bullion prices retreated following volatility in the US. Meanwhile, Australian consumer confidence rose in November, as households appeared less worried about future interest rate hikes.
ASIA STOCKS: Outflows From Asian Equities Increase Post US Election
Broad selling of Asian equities on Yesterday, apart from Taiwan which saw a modest inflow. India continues to see heavy selling, marking 13 straight sessions for a total outflow of $5.4b over that period. Indonesia, Thailand, Philippines & Malaysia have all seen an increase in outflows since the US election
- South Korea: Recorded outflows of -$404m yesterday, with a 5-day total of -$536m. YTD flows remain positive at +$6.829b. The 5-day average is -$107m, worse than the 20-day average of -$150m and the 100-day average of -$88m.
- Taiwan: Posted inflows of +$345m yesterday, totaling +$428m over the past 5 days. YTD flows remain negative at -$11.361b. The 5-day average is +$86m, better than the 20-day average of +$53m but worse than the 100-day average of -$146m.
- India: Experienced outflows of -$421m Friday with a 5-day outflow of -$2.279b. YTD flows are negative at -$2.190b. The 5-day average is -$456m, worse than the 20-day average of -$350m but better than the 100-day average of +$15m.
- Indonesia: Posted outflows of -$97m yesterday, bringing the 5-day total to -$401m. YTD flows remain positive at +$2.139b. The 5-day average is -$80m, worse than the 20-day average of -$34m but better than the 100-day average of +$26m.
- Thailand: Recorded outflows of -$22m yesterday, with a total outflow of -$128m over the past 5 days. YTD flows are negative at -$3.625b. The 5-day average is -$26m, similar to the 20-day average of -$28m and worse than the 100-day average of -$9m.
- Malaysia: Experienced outflows of -$24m yesterday, contributing to a 5-day outflow of -$150m. YTD flows are positive at +$264m. The 5-day average is -$30m, worse than the 20-day average of -$15m but better than the 100-day average of +$3m.
- Philippines: Saw outflows of -$13m yesterday, with net outflows of -$132m over the past 5 days. YTD flows remain negative at -$101m. The 5-day average is -$26m, worse than the 20-day average of -$9m but better than the 100-day average of +$4m.
Table 1: EM Asia Equity Flows
OIL: Crude Holds Onto Losses As Supply/Demand In Focus
After falling over 2.5% on Monday, oil prices are down a bit further during APAC trading today as demand concerns, especially from China, persist. There is also the risk of additional US supply under the Trump administration. Brent is down 0.15% to $71.72/bbl, off the $71.62 low. WTI is 0.1% lower at $67.96/bbl having broken below $68 to make a trough of $67.84. Continued greenback strength continues to weigh on dollar-denominated crude with the USD BBDXY index up another 0.1%.
- There will be further information on the current demand/supply position and the outlook later today with US industry-produced inventory data for last week and OPEC’s monthly report. The EIA’s short-term energy outlook is out tomorrow and the IEA’s report on Thursday.
- Prompt spreads continue to point to a tight oil market but it is easing with the gap between the two nearest contracts narrowing, according to Bloomberg.
- Later the Fed’s Waller, Barkin, Kashkari and Harker speak and the Senior Loan Officer Survey is published. US October small business optimism and NY Fed 1-yr inflation expectations plus UK labour market data and euro area November ZEW print. ECB’s Cipollone and BoE’s Pill appear.
GOLD: Drops To Lowest Level Since October 10
Gold is steady in today’s Asia-Pacific session, following a 2.4% decline yesterday to $2,619/oz, its lowest level since October 10.
- The cash US treasury market was closed on Monday in observance of the Veterans Day holiday, but Treasury futures (TYZ4) were weaker. US treasury yields are 1-3bps higher in today’s Asia-Pac session. Higher rates are typically negative for gold, which doesn’t pay interest.
- The S&P 500 reset its record high (6017.31) yesterday, though it failed to hold its early advance. The Russell 2000 Index was up ~1.5%, reaching its highest level since 2021. European equities made solid gains with the Euro Stoxx closing 1.2% higher.
- Despite the move on the back of the strong US dollar, Deutsche Bank remains bullish on gold long-term, supported by a higher rate of central bank accumulation.
- According to MNI’s technicals team, the trend condition in gold remains bullish and the latest pullback appears corrective. However, yesterday’s sell-off delivered a print below the 50-day EMA, at $2,646.2, turning attention to $2,604.9, the Oct 8 low.
- Silver also fell by a further 2.2% on Monday, narrowing the gap towards $30.269, a trendline support.
CHINA HOUSING: Tax Cut for Home Buyers Considered.
- Regulators are believed to be working on a proposal to allow the largest cities to cut the tax deed required to be paid on purchases from 3% to 1%.
- Under the latest proposal, top-tier cities are expected to be allowed to scrap the distinction between ordinary and luxury homes, which would substantially lower purchasing costs for people seeking to upgrade their residences. (source: Straits Times).
- In a bid to get the number of unsold properties down (estimates are from 45-60 million unsold properties) various measures have been announced in recent months.
- Residential property sales turned positive in October, for the first time this year possibly indicating that the government stimulus measures are having an impact.
SOUTH KOREA: State Run Think Tank Slashes Export Outlook for Korea.
- The Korea Development Institute (“KDI”) lowered its export growth outlook for 2025 to +2.1%.(as per article in Yonhap). (NB: A BBG survey of 39 participants forecasts exports growth of 3.3% in 2025)
- Down from the +7.0% full year projection for 2024, KDI noted that there were upside risks to a shift in US trade policy, leading to contraction in global trade.
- KDI also reduced their forecast for 2025 for inflation from 2.3% in 2024 to 1.6% (NB: A BG survey of 39 participants forecasts CPI of 2.0% in 2025).
- KDI forecasts that overall, 2024 GDP growth will be lower than forecast at 2.2% whilst for 2025 they project a 2.0% expansion.
- The IMF forecasts the Korean economy to expand +2.2% for 2025.
- Following an extended period at the highest rate in many years, the Bank of Korea cut rates in October to 3.25%.
- Whilst some observers forecast this to be the start of a constant rate cutting cycle, markets have not fully priced in a cut yet for the next meeting on November 28.
- Bond markets have been strong in Korea today with yields lower across the curve, the outperformer being the 5-year lower by 2bp on the day.
CHINA: Bond Wrap: Credit Growth Stagnates.
- Credit Growth Remains Stagnant (source: MNI – Market News).
- Central Bank Governor Seeks to Expand FDI. (source: MNI – Market News)
- Central Bank Injects Liquidity in OMO. (source: MNI – Market News)
- Tax Cut for Home Buyers Considered. (source: MNI – Market News)
- Mixed day for China equities with Hang Seng down -1.70%, CSI 300 +0.40%, Shanghai Comp -0.05%, Shenzhen Comp +0.70%
2yr 1.411% 5yr 1.736% 10yr 2.073% 30yr 2.255%
ASIA FX: USD/CNH Tests 7.2500, Foreign Policy Hawks Touted For Key US Positions
The weaker yuan trend has remained in focus in the first part of Tuesday trade. USD/CNH highs were just above 7.2500, while onshore spot continues to gravitate higher, the pair last above 7.2300. We had some earlier respite as China equities rebounded amid potentially further property easing measures (BBG stated lower taxes were being considered). However, this provided on brief relief for the yuan.
- The USD/CNY fixing was neutral, so little push back through this mechanism around recent yuan weakness. A number of US new services also touted some foreign policy hawks for key Trump administration positions (Marco Rubio for Secretary of State and former veteran Republican Mike Waltz for National Security Adviser), is also likely in focus.
- CNY options volumes have dominated trade so far today, while longer dated USD/CNH risk reversals are trending up.
- Spot USD/KRW has been supported on dips, but hasn't made fresh post election highs above 1404. The pair was last near 1401, little changed for the session. We are seeing tech related equity weakness, with the Kospi off over 1%. The Korea Development Institute (“KDI”) lowered its export growth outlook for 2025 to +2.1%.(as per article in Yonhap).
- Spot USD/TWD is pushing higher, the pair last near 32.40. These levels were last seen in mid August. Yuan weakness and a decent equity sell off (-1.9% for Taiex) have weighed on the TWD so far today.
ASIA FX: THB Leads SEA FX Losses, Amid Central Bank Concerns
In South East Asia, the bias has been for a firmer USD. USD/THB gains have been the standout, the pair up over 1% at one stage. We hit highs of 34.74 earlier, but no sit slightly lower, last near 34.72. Outside of broader USD gains, the baht has suffered amid reports that a BoT critic and former member of the ruling Pheu Thai party was picked as the new central bank Chairman (per BBG).
- The natural upside target for the pair in the near term is likely to 35.00. We approaching overbought territory based off the RSI (14) but there may not be much official pushback to baht weakness in the near term, given some parts of the government clearly want a weaker FX level.
- Elsewhere. USD/MYR has pushed above 4.4300, to be 0.50% weaker in ringgit terms. Spill over from the weaker yuan is in play. The Ringgit has now broken through the 100-day EMA of 4.4151 with the next key technical level the 200-day EMA at 4.5037.
- Spot USD/IDR is also higher by a similar magnitude, putting the pair back to 15760/65. Recent highs have been above 15830, bit IDR has outperformed post the US election results. Note - Biden to Host Indonesia’s Prabowo at White House on Tuesday (source: BBG).
- Spot USD/PHP has pushed above 58.80, fresh highs back to early July. Upside focus is likely to rest on a test of 59.00.
UP TODAY (TIMES GMT/LOCAL)
Date | GMT/Local | Impact | Country | Event |
12/11/2024 | 0700/0800 | *** | DE | HICP (f) |
12/11/2024 | 0700/0700 | *** | GB | Labour Market Survey |
12/11/2024 | 0900/0900 | GB | BOE's Pill panellist at UBS conference on Reversing tightening | |
12/11/2024 | 1000/1100 | *** | DE | ZEW Current Conditions Index |
12/11/2024 | 1000/1100 | *** | DE | ZEW Current Expectations Index |
12/11/2024 | 1000/1000 | ** | GB | Gilt Outright Auction Result |
12/11/2024 | 1100/0600 | ** | US | NFIB Small Business Optimism Index |
12/11/2024 | 1200/1200 | GB | Asset Purchase Facility Quarterly Report | |
12/11/2024 | 1330/0830 | * | CA | Building Permits |
12/11/2024 | 1400/1500 | EU | ECB's Cipollone chairing policy panel on financial sanctions | |
12/11/2024 | 1500/1000 | US | Fed Governor Christopher Waller | |
12/11/2024 | 1515/1015 | US | Richmond Fed's Tom Barkin | |
12/11/2024 | 1600/1100 | ** | US | NY Fed Survey of Consumer Expectations |
12/11/2024 | 1630/1130 | * | US | US Treasury Auction Result for 13 Week Bill |
12/11/2024 | 1630/1130 | * | US | US Treasury Auction Result for 26 Week Bill |
12/11/2024 | 1800/1300 | * | US | US Treasury Auction Result for Cash Management Bill |
12/11/2024 | 1900/1400 | US | Minneapolis Fed's Neel Kashkari | |
12/11/2024 | 2130/1630 | US | New York Fed's Roberto Perli | |
12/11/2024 | 2200/1700 | US | Philly Fed's Pat Harker | |
13/11/2024 | 0030/1130 | *** | AU | Quarterly wage price index |
13/11/2024 | 0945/0945 | GB | BOE's Mann at Female Central Bankers panel | |
13/11/2024 | 1000/1000 | ** | GB | Gilt Outright Auction Result |
13/11/2024 | 1200/0700 | ** | US | MBA Weekly Applications Index |
13/11/2024 | 1330/0830 | *** | US | CPI |
13/11/2024 | 1355/0855 | ** | US | Redbook Retail Sales Index |